What is the primary function of a real estate broker?

Real Estate Brokerage Quiz

Quiz
•
Professional Development
•
Professional Development
•
Medium
Christine Cruz
Used 27+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Acts as a principal in real estate transactions
Develops real estate properties
Negotiates real estate transactions between buyers and sellers for a fee
Appraises real estate properties
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Under the Law on Agency, the real estate broker acts as a(n):
Principal
Agent
Third party
Sub-agent
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The following are the essential elements of a contract EXCEPT:
Consent
Object
Witnesses
Consideration
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the difference between an executory and executed contract?
Executory contracts are verbal, while executed contracts are written
Executory contracts still require obligations to be fulfilled, while executed contracts are fully performed
Executory contracts involve leasing, while executed contracts involve sales
Executory contracts are always invalid, while executed contracts are always enforceable
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which best describes the Statute of Frauds in real estate?
A law that requires real estate contracts to be in writing to be enforceable
A rule that prevents fraud in real estate transactions
A method of verifying the authenticity of property titles
A penalty for real estate fraud
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
If a seller is forced to sign a contract under threat, what element of a contract is violated?
Cause
Object
Consent
Consideration
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of listing agreement allows multiple brokers to sell the property, but only the first broker to secure a buyer earns the commission?
Exclusive Right to Sell
Exclusive Agency
Open Listing
Net Listing
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